In his recent bankruptcy proceeding filing, John Ray III, the new CEO and Chief Restructuring Officer at FTX, minced no words: I have over 40 years of legal and restructuring experience. I have been the Chief Restructuring Officer or Chief Executive Officer in several of the largest corporate failures in history. I have supervised situations involving allegations of criminal activity and malfeasance (Enron). I have supervised situations involving novel financial structures (Enron and Residential Capital) and cross-border asset recovery and maximization (Nortel and Overseas Shipholding). Nearly every situation in which I have been involved has been characterized by defects of […]
Above the Crowd
By Bill Gurley
Archive for the ‘Finance’ Category
Customers Love Free Stuff … But That’s Not Your Problem

Thanks to the pioneering work of Barry McCarty and others, paying the “IPO Pop Tax” is now 100% optional.
“Customer First” Healthcare
The subject of the “consumerization of healthcare” has been around for many years. Most frequently people use this phrase in association with personal technology devices (heart-monitors, exercise accessories, sleep monitors, etc) that allow consumers to take direct control of their health information. There is however, a more important trend that relates alternatively to the consumerization of the “business” of healthcare. While other industries often speak of being “customer centric” or “putting the customer first,” the U.S. healthcare system rarely thinks of the patient as a customer. One could go even farther, and suggest that the U.S. healthcare market is the […]
Investors Beware: Today’s $100M+ Late-stage Private Rounds Are Very Different from an IPO
[An edited version of the following blog post originally appeared in a modified form in the pages of the weekend edition of the Financial Times last Saturday.] Every successful technology company raises money throughout its lifecycle, perhaps starting with a seed investment and progressing through Series A, B, C, late-stage investments, and, for the most successful companies, an IPO. Historically, different financial institutions specialized in different stages, because the assessment of risk and opportunity was considered unique at each stage — for example, a seed investor was unlikely to do late-stage financing, and vice versa. Over the last few years, the late-stage (pre-IPO) market has become the most competitive, the most crowded, and the frothiest of […]
Uber’s New BHAG: UberPool
“Can you take me Higher? To a place where blind men see Can you take me Higher? To a place with golden streets” — Creed, Higher In their seminal 1994 book Built to Last: Successful Habits of Visionary Companies , Jim Collins and Jerry Poras coined the term BHAG (pronounced BEE-hag) — an acronym that stands for “Big Hairy Audacious Goal.” Collins and Porras suggest that the very best companies set an audacious, very long-term goal that shines a light towards “an envisioned future.” BHAGs serve as a rallying cry for the company culture, an ambitious target for the future, and a focusing tool for corporate […]
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